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Among a hoard of altcoins with good growth fundamentals today, a new bullish call has been beamed on Cosmos (ATOM) by top Twitter market analyst @Ali_Charts. According to the veteran, the Tom Demark (TD) Sequential Indicator is currently pointing at a buy signal for the cryptocurrency.
#Cosmos | The TD Sequential presents a buy signal on $ATOM 4-hour chart, which could trigger a rebound to $12 or even $12.50.
— Ali (@ali_charts) March 21, 2023
Note that #ATOM must hold above $11.24 to validate the buy signal. Failing to do so could result in a downswing to $10.70. pic.twitter.com/A77xHyOPGV
Ali pointed out that the indicator is signaling a potential rebound toward $12 or $12.5. Despite the bullish call on ATOM, the crypto token is still trading at a slight loss of 1.10% to change hands at $11.90.
The call from the analyst is gradually coming true, and a complete reversal of the current bearish accumulations will serve as a faster push toward the targeted price high. Cosmos has had it quite rough over the course of this crypto winter with its price down by more than 73% from the all-time high (ATH) of $44.70 it set more than two years ago.
While many are currently seeing a mixed twist to the growth of some less popular altcoins, the projection from Ali is evidence that Cosmos might have been oversold, leaving the possible pathway for the token a bullish, upward one.
Cosmos ecosystem contribution
Despite its price struggles, Cosmos has learned from its peers and has continued on a consistent push for the growth of its ecosystem. In a recent update shared by the protocol, it said that Cosmos Hub Governance has been far more alive than ever, with verifiable evidence to show over the past few months.
"Cosmos Hub Governance is more active than ever! In the last months we saw an increasing number of draft props and forum activity. This is the sign of a thriving decentralized community. It also enlights the need for a specialized channel for governance," the protocol revealed in a Twitter thread.
It further noted that its Governance Hub will play a key role in onboarding consumer chains that can drive increased adoption in the near future. In all, this targeted growth effort will complement token growth potential moving forward.
Vladislav Sopov